The smart home technology is an integration of technology and services through the network for an improved quality of living. The technology supports the user to decrease the workload and much more. The smart home technology facilitates the end users with the comfortable living, security, energy management amenities and advantages for disabled people. The smart home technology is equipped with the internet-connected devices for automating, controlling and optimizing operations, likewise security, temperature, lighting and entertainment. Such devices can be remotely monitored, controlled and admittance by the computer, tablet, phone or an individual system. The smart technologies utilized for linking gadgets and accessories have made it possible to automatically hold the situations in a building.
According to the report analysis, ‘Smart Homes Technology Market: Current Analysis and Forecast (2021-2027)’ states that the proliferation and smartening of IoT devices have unusually scaled up the probable for the industry and noteworthy amount of data or information can be stored, gathered, analyzed and transmitted, supporting the entities save substantial amount of money.
Home automation and smart homes are two ambiguous terms utilized in reference to a broad range of monitoring solutions, controlling, and automating operations in a home. Unlike simple home automation solutions (which could vary from motor-operated garage doors to automated security systems), smart home systems demand a web portal or a smartphone application as a user interface to cooperate with an automated system.
Globally, the growing importance of the requirement to counter security issues is anticipated to fuel the requirement for smart and connected homes over the forecast duration. Moreover, innovative wireless technologies, comprising security and access regulators, entertainment controls, and HVAC controllers, are projected to propel market growth.
With the initiation of new government regulations concerning efficiency, the utilization of HVAC systems is projected to augment. This has opened a gateway to the smart HVAC control systems for the most forward-thinking heating and air conditioning units in buildings. Thus, the already prevailing HVAC equipment would have to be either substituted or retrofitted to adjust the energy effectiveness as per the government standards. This would propel the requirement for HVAC retrofitting, thereby increasing the entire market’s growth positively.
Looking at the growth panorama and consumer increasing concern over home security various organizations have forayed in the global smart home technology market, proposing the smart devices such as smart speaker, security systems, smart TVs, LEDs and switches, kitchen ware appliances and several other devices. With an objective to improve their product portfolio, the foremost market players have entered into several acquisitions and collaborations to enlarge their market reach and share. Foremost players profiled in the report comprises Haier Electronics, Cisco Systems, Inc., Google, Amazon, Honeywell International, Crestron Electronics Inc., General Electric Company, IBM Corporation, LG Electronics Inc., Schneider Electric S.E., and Siemens AG among others.
Not only has this, assistances of smart home technology can also be observed among commercial end-users such as hotels, hospitals and several other commercial buildings. Technological breakthroughs have been efficacious in bringing about new shapes in the worldwide smart home market. Smart home technology application was majorly protuberant amongst the hospitals. Moreover, robust competitiveness, prosperous IoT, spur in product improvement, R&D activities and dramatic uptake of technological improvements, investments by major peers, increasing consumer awareness, spur in smartphone penetration have been progressively contributing in flourishing the market size of smart home technology.
However, apprehensions regarding confidentiality and hacking, high cost comprised in complex installation and high prices of smart home devices requirements to be addressed around the globe to experience the never-ending growth of smart home market. Furthermore, for better understanding of the industry the report analysis the infiltration of smart home devices in dissimilar geographies and countries comprising North America, Europe, Asia-Pacific Latin America and Middle East and North Africa (MENA). Based on estimation, North America registered the global smart home market, with more than xx% share during 2020. Positive impression on businesses of smart device manufactures and boosting the concept of Internet of Things has strengthened the growth of global smart home technology market. Europe and Asia Pacific followed North America with xx% and xx% shares respectively during 2020.
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Ankur Gupta, Head Marketing & Communications